Amara reports slight revenue increase

Mainboard-listed integrated lifestyle group Amara Holdings has posted a slight increase in revenue to S$61.8 million for the full year ended 31 December 2011, up from S$61.7 million recorded in the previous year.

The slight increase was partially offset by lower revenue generated from its Property Investment and Development business due to the closure of Amara Shopping Centre for asset enhancement works, which will be re-branded and renamed as 100 AM (pictured).

Meanwhile, the company's net profit soared 80 percent to S$29.3 million, mainly attributed to an increase in fair value gain on investment property, which rose to S$25.4 million from S$5.0 million a year ago.

"Singapore has no doubt evolved to be an exciting destination for both leisure and business travellers," said Albert Teo, Chief Executive of Amara.

"This is reflected in the stellar set of tourism growth figures for 2011 as announced by the Singapore Tourism Board (STB) earlier this year. Backed by a strong foundation in the hospitality industry and riding on the positive sentiment in the tourism sector, our Hotel Investment and Management segment has performed well in FY2011."

Amara's steady revenue performance was mainly due to higher contributions from its Hotel Investment and Management segment which accounted for 87 percent or S$53.4 million of total revenue.

Moving forward, Teo said the company will "continue to improve on (its) three business arms and deliver sustainable returns for (its) shareholders."

"Our 18 additional suites for Amara Sanctuary Resort have just been completed at the end of last year, in time to capture a share of the growing Sentosa crowd. The renewed 100 AM will be opened in the second half of 2012. In addition, we look forward to the launches of both Amara Bangkok and Amara Signature Shanghai in 2013 and 2014 respectively," he added. Related Stories: Turf City sub-tenants caught in the middle